Loeffler, a Big Money 20 incumbent, is the wealthiest member of Congress and bought her Senate seat
The Daily Beast and The Atlanta Journal-Constitution reported that Georgia Senator Kelly Loeffler bought hundreds of thousands of dollars in stock in IT companies after a non-public briefing from health experts and officials on the severity of the outbreak. After pledging $20 million of her own fortune to fill former Senator Johnny Isakson’s seat, Loeffler is running for re-election in Georgia’s special election.
Below is a timeline of Senator Loeffler’s stock purchases:
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January 24th: Loeffler, who sits on the Senate Health Committee, first sold stock the same day she received an all-senators briefing on the coronavirus from administration health officials.
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January 24th-February 14th: Loeffler and her husband, who is the chairman and CEO of the New York Stock Exchange, sold between $1.2 million-$3.1 million in stock.
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February 14th: Loeffler bought between $100,001-$250,000 of stock in Oracle Corporation, which provides corporate IT, and Citrix Systems, Inc., a teleworking software company that has risen in stock compared to others during the COVID-19 crisis.
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March 11th: The Center for Disease Control (CDC) declares the coronavirus outbreak a pandemic.
“Senator Kelly Loeffler has appeared to use insider knowledge to profit off this pandemic. It is shameful and deplorable,” said End Citizens United President Tiffany Muller. “While Republicans like Loeffler were publicly downplaying the impending crisis and misleading Americans, she had insider knowledge and was buying stock in IT. This is blatant corruption. Georgia families, and all Americans, deserve better, and we will hold Kelly Loeffler accountable.”
Loeffler, a Big Money 20 incumbent, took office in January after pledging $20 million of her own fortune to defend her seat. Loeffler and her husband Jeffrey Sprecher, the chair of the New York Stock Exchange (NYSE), have donated $3.2 million to political committees –– 97 percent of which went to Republican candidates and causes. Loeffler and her husband also have a history of contributing to Republicans involved in ethics, campaign finance, and other scandals, including to the campaigns of Big Money 20 members Sens. McSally, McConnell, Collins, Tillis, and Cornyn.
End Citizens United has conducted extensive polling and research showing that voters across the political spectrum support getting big money out of politics. The reform group raised and spent $44 million last cycle, and is entirely grassroots-funded with an average donation of just $14. For a full list and additional background on the Big Money 20, click here.
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